Condo Purchase: Scared of leaving my Rental (Seattle, North Bend: renters, mortgage)

[dental257]

Is there anyone having a hard time finding housing in this area? Rents are skyrocketing. A run down shack is going for $900.
What in the world is going to happen with all of the Navy people coming to this area at NAS Whidbey!
Regular people are being priced out of the market!
I just found a condo to buy, and ready to close but scared to leave my rental for fear that i will not like Condo living, and won't be able to find affordable housing in this town ever again. I'm paying probably the least expensive rent in town, at $745 for a 2 bdrm duplex. I've lived here for 3 yrs. How can i afford to keep both places? Rent the Condo, and stay here.:confused

[Ruth4Truth]

That's an awefully good price for a 2-br. apt. Where is this? And why are you considering moving, when you have such good rent?

If you can afford to buy a condo, but continue living in the rental, I'd do that. That way, you can have renters pay your mortgage for you. It's a very smart way to go. Find out if the condo association/board has kept up with their maintenance of the building, and hasn't let important things go, like a new roof. There can be unpleasant surprises, once you buy in to a condo, and your fees can suddenly take a big jump, if a big-ticket maintenance item comes up, that the management hasn't budgeted for properly. A friend of mine had to get herself voted onto the board, after getting a hefty monthly fee increase just after buying in on a tight budget, so that she could prevent the same situation from happening again.

[Hemlock140]

Yes, must be outside the Seattle area, where even a run down shack is more like $1,500. Probably best not to disclose your location, people will be flocking there. Your 2br duplex for $750 is too good to be true, for that I would keep renting too. One relative just bought a house in Sequim, but his one bedroom duplex in North Bend before that was $1,800.